{"id":11917,"date":"2021-09-09T11:54:05","date_gmt":"2021-09-09T11:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/ukraine-adopts-law-on-virtual-assets-to-regulate-crypto-market\/"},"modified":"2021-09-09T11:54:05","modified_gmt":"2021-09-09T11:54:05","slug":"ukraine-adopts-law-on-virtual-assets-to-regulate-crypto-market","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ukraine-adopts-law-on-virtual-assets-to-regulate-crypto-market\/","title":{"rendered":"Ukraine Adopts Law \u2018On Virtual Assets\u2019 to Regulate Crypto Market"},"content":{"rendered":"

The parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine. The law \u201cOn Virtual Assets\u201d recognizes cryptocurrencies as intangible goods while denying them the status of legal tender. It also regulates the activities and obligations of crypto businesses. <\/strong><\/p>\n

Ukraine Legalizes Crypto Activities, Defines Virtual Assets<\/h2>\n

Ukraine\u2019s Verkhovna Rada, the country\u2019s parliament, has adopted the law<\/a> \u201cOn Virtual Assets\u201d on second and final reading. The legislation regulates operations with cryptocurrencies in the Ukrainian jurisdiction. Deputies passed the bill with a large majority of 276 votes out of 376 present MPs, with only six voting against the motion.<\/p>\n<\/p>\n

The long-awaited law will enter into force after lawmakers approve amendments to the country\u2019s tax code pertaining to the taxation of cryptocurrency transactions. The Ukrainian legislature is yet to vote on these changes, Forklog noted<\/a> in its report on the development.<\/p>\n

Provisions of the new law recognize virtual assets as intangible goods, which can be secured and unsecured. However, cryptocurrencies are not accepted as a legal means of payment in Ukraine and their exchange for other goods or services will not be allowed.<\/p>\n

The law also introduces the term \u201cfinancial virtual assets\u201d that must be issued by entities registered in Ukraine. In case these assets are backed by currencies, they will be regulated by the National Bank of Ukraine (NBU), the country\u2019s central bank. If the underlying asset is a security or a derivative, the National Securities and Stock Market Commission (NSSMC) will be the main regulator.<\/p>\n

<\/p>\n

Crypto market participants will be able to independently determine the value of virtual assets, open bank accounts to settle transactions, and seek judicial protection for associated rights. Service providers are required to abide by the country\u2019s anti-money laundering regulations and prevent attempts to finance terrorism using their platforms, just like traditional financial institutions.<\/p>\n

Current Ukrainian authorities have maintained a positive attitude towards the country\u2019s growing crypto industry, confirmed by representatives of the executive power this week. During a visit to the U.S., President Volodymyr Zelensky highlighted the importance of launching a legal digital assets market which he described<\/a> as a \u201cdevelopment vector\u201d of the nation\u2019s digital economy. Ukraine\u2019s Minister of Digital Transformation, Mykhailo Fedorov, added the country is working to become an attractive jurisdiction for crypto companies.<\/p>\n

The draft law \u201cOn Virtual Assets\u201d was voted on first reading in the Rada last December. After introducing a number of changes, lawmakers presented<\/a> a revised version of the document in June of this year. Following criticism from various regulators, including NBU and NSSMC, the bill was once again amended with the authors taking into account concerns expressed by other government institutions.<\/p>\n

Do you think Ukraine\u2019s business climate will improve for crypto companies following the adoption of the virtual assets law? Share your expectations in the comments section below. <\/em><\/strong><\/p>\n

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\nRegulation, adoption, bill, Crypto, crypto assets, crypto industry, crypto sector, crypto space, Cryptocurrencies, Cryptocurrency, document, Law, Legislation, parliament, provisions, reading, Regulations, rules, Ukraine, ukrainian, virtual assets, Voting<\/p>\n","protected":false},"excerpt":{"rendered":"

The parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine. The law \u201cOn Virtual Assets\u201d recognizes cryptocurrencies as intangible goods while denying them the status of legal tender. It also regulates the activities and obligations of crypto businesses. Ukraine Legalizes Crypto Activities, Defines Virtual Assets Ukraine\u2019s Verkhovna Rada, the country\u2019s…<\/p>\n","protected":false},"author":0,"featured_media":11918,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11917"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11917"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11918"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}